■ We expect Kimly to maintain its no.1 coffee shop operation market share in
Singapore, with a 2-year core EPS CAGR of 47% in FY9/20-22F.
■ Tailwinds from hybrid work-from-home initiatives and growing presence of
food delivery services. Strong balance sheet with 1H21 net cash of S$59m.
■ We initiate coverage with an Add rating and TP of S$0.46, pegged to 16.8x
FY22F P/E. Catalysts: M&A and faster outlet expansion.